Gumi-si, Approval Granted for 'Gongdan Urban Regeneration Innovation District' Change

Participation of Korea Land and Housing Corporation (LH) as a Joint Implementer

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] The Innovation District Development Project received district designation approval from the Ministry of Land, Infrastructure and Transport in December 2019, but faced difficulties in land acquisition, causing delays in the project. As a result, an alternative site was secured, and a request for district designation change was submitted to the Ministry of Land in June.

The city will invest a total of 173.8 billion KRW to create an industrial convergence innovation district and a medical-health convergence district, as well as a worker co-prosperity complex district, covering approximately 18,000㎡ in Gongdan-dong within the Gumi 1st National Industrial Complex, providing various convergence spaces for workers.

With the approval of the district designation change, Korea Land and Housing Corporation (LH) was selected as a joint project implementer and will invest 30.7 billion KRW to build 200 units of job-linked happy housing.

Jang Seyong, Mayor of Gumi City, stated, “We will secure support facilities that are absolutely lacking in Gumi 1st Industrial Complex and simultaneously create a customized startup ecosystem linked to the local root industries to revitalize the regional economy and make it a new landmark of the area.”

Meanwhile, the city has completed the acquisition of the project site and will begin demolition work in August. Before construction starts next year, the site will be developed into a happy parking lot and opened free of charge to nearby company workers and residents.